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Near miss

In the interjection in Stern (32/1012, p. 62) Hans-Ulrich Jörges takes a pot-shot at Jens Weidmann, the head of the Bundesbank. He is too young, too inexperienced and nervous for all the big-wigs in the international banking system, and the politicians who stubbornly cling on to the Euro.

Jörges believes that when Angela Merkel hauled Weidmann into office in May 2011 (a scandal in itself), Weidmann’s job was to implement Merkel’s policy. This meant: hanging on to the Euro at any price, in order to maintain the political face of Mrs. Merkel.

Now it is however the case that everyone who is anything in business (and this is not a question of age), would very easily and quickly understand that the political elite of the Euro community has lost sight of the ball by attempting to combat the crisis with loans, simply to finance further loans, and by concealing and delaying the national bankruptcy of all EU countries.

But Mr. Weidmann cannot be as foolish as Mr. Jörges, because he has at least understood that the idea of the Euro as a strong and stable currency cannot be preserved if all countries continue to survive only on credit, as they are doing at the moment.

How pointless that Weidmann could achieve nothing more through his work than his predecessors Weber and Stark, who clung on desperately to Merkel’s skirts, but were unable to put an end to the crisis, because flooding the market with money and borrowing more on the basis of existing loans lead to nothing more than what we have been faced with so far: A big, fat financial crisis.

Even more stupidly: If not even the German Bundesbank can regulate the financial market independently, without thereby lessening the reputation of a Chancellor and therefore having to adhere to corresponding instructions, which force this and many following generations of Germans (and Europeans) into poverty, then the question arises as to why Mr. Jörges does not even try to elicit why Mrs. Merkel wants what she wants.

Mr. Jörges said: The Chancellor wants to preserve Europe and to build a new one. Well, Albert Speer and Adolf Hitler also wanted a new Berlin. Yet even these two (at least on this matter) were only half-obsessed to the point that they were not willing to sacrifice all the assets of the state to this end, even though other circumstances had a hand in the matter.

How disappointing that women like Mrs. Merkel and men like Mr. Jörges, subject to a similar delusion, now aspire to a Europe which has already long been in existence, and which could certainly have continued to survive without a common currency. It would be good if both could obtain therapeutic aid, in order to finally overcome such neuroses and delusions of grandeur, and come up with realistic plans for an orderly crash – something on which Mr. Jörges would again be happy to report. And thereby shed the mantle of a deceiver of the people and representative of a deceitful policy, which shows in the most blatant way how stupidly political power goes hand-in-glove with journalistic abuse of power.